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The Deal Sheet

New York
BIG DEALS!
Crown Acquisitions, Goldman Properties, and The Feil Org. joined forces (named GFC Fifth Avenue) to purchase the 24.7k-SF retail portion of the St. Regis New York from Starwood Hotels & Resorts Worldwide for $117M. CB Richard Ellis’ Darcy Stacom and Bill Shanahan represented the seller. In addition to this asset, the partners have already purchased 590 Fifth, 717 Fifth, 1 East 57th St., 551 Fifth, 666 Fifth’s retail, and 743 Fifth.***Equity One purchased the 400k-SF Westbury Plaza on Old Country Road in Westbury, Long Island, for $104M. The shopping center is anchored by Wal-Mart and Costco. A JV of Kimco Realty and DRA Advisors was the seller.
Sales Transactions SL Green acquired a $7.6M leasehold position at 420 Lexington Ave., also known as the Graybar Building. The transaction falls on the heels of SL Green’s purchase of W&M Properties’ (now known as Malkin Properties) leasehold position to simplify the ownership of the property. Cushman & Wakefield Sonnenblick Goldman advised SL Green.***Regal Wear purchased a 48k-SF warehouse at 15 Triangle Blvd. in Carlstadt, NJ from Ninth Avenue Equities for $3.6M. Team Resources’ Greg Sholom and David Cantor represented the buyer, while CB Richard Ellis’ Bill Waxman represented the seller.

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Massey Knakal sold 39 co-op units at 3260 Netherland Ave. in the Bronx for $2.7M cash. Twenty-five are free market, and 14 of them are rent-stabilized. The firm’s Karl Brumback and Paul Smadbeck exclusively handled the transaction.

Lease Transactions

Rechler Equity signed 220k-SF in recent Long Island deals, negotiated by the firm’s Harry Stavro, including:

  • Aeroflex Incorporated’ 50.5k-SF renewal at 350 Kennedy Drive in Hauppauge
  • InvaGen Pharmaceuticals’ 25.8k-SF lease at 600 Old Willets Path in Hauppauge
  • Yale Associates’ 23.3k-SF commitment at 25 Orville Dr. in Bohemia (tenant broker: Oxford & Simpson’s Jeffrey Wax)
  • EG Systems’ 23k-SF lease at 65 Engineers Rd. in Hauppauge (tenant broker: CB Richard Ellis’ Vincent LaManna)
  • Austin Travel’s 20k-SF renewal at 265 Spagnoli Rd. in Melville.

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Franco Apparel renewed its 148k-SF warehouse/distribution lease at 210 Docks Corner Rd. in South Brunswick, NJ. CB Richard Ellis’Scott Belfer and Lou Belfer represented the tenant.

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MiddleBrook Crossroads, an industrial development at I-287 and US Route 22 in Bridgewater, NJ, saw 100k-SF of leases. The deals, negotiated by owner Advance Realty’s Brian Banaszynski, include:Steps to Literacy’s 31.2k-SF renewal; Bridgewater Vehicle’s 26.5k-SF extension; Delancy Tool’s 24k-SF extension, Publishers Circulation’s 14.6k-SF renewal; Mercury Insurance’s 10.1k-SF expansion; and Northeast Power Dry’s new 7.2k-SF lease.

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Jericho Plaza in Jericho, Long Island, saw five lease transactions totaling 93.3k-SF. The Rochlin Organization’s Adam Rochlin negotiated these leases on behalf of owner Onyx Equities:

  • Travelers’ 35.9k-SF renewal and 4.3k-SF expansion (tenant broker: Jones Lang LaSalle’s Robert Ageloff)
  • Ernst & Young’s 19.9k-SF new lease (tenant broker: Cushman & Wakefield’s Ted Stratigos)
  • Berdon’s 16.1k-SF long-term renewal
  • Nathan’s Famous’ 12.6k-SF relocation (tenant brokers: CB Richard Ellis’ Vincent LaManna and Fountainhead Enterprises’ Jeffrey Lichtenberg)
  • Capital One Bank’s 2.9k-SF renewal and 1.7k-SF expansion.

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1330 Avenue of the Americas saw three new leases totaling 12.4k-SF. Jones Lang LaSalle’s Frank Doyle, Cynthia Wasserberger, and David Kleiner repped owner CWCapital Asset Management in all the deals:

  • Robert Wood Johnson Foundation’s 10-year, 4.7k-SF lease (tenant broker: Byrnam Wood’s Gordon Ogden)
  • Advanced Portfolio Management’s 10-year, 4.5k-SF lease (tenant broker: CB Richard Ellis’ Jeffrey Kilimnick and Bernard Weitzman)
  • Beacon Light Capital’s three-year, 3.2k-SF lease (tenant broker: CBRE’s Benjamin Friedland and Michael Movshovich)

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Public Interest Projects inked a 15-year, 10k-SF lease at 45 W. 36th St., relocating by the end of ’09. The Colliers ABR not-for-profit practice team of David Lebenstein, Robair Reichenstein, Debra Wollens, and Edward Kent represented the tenant, while owner Samco Properties represented itself.

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370 Lexington saw two deals: Lenny’s 1.7k-SF sandwich shop, which will open in 1Q10 (tenant broker: Newmark Knight Frank’s Paul Berkman and Davie Berke; landlord broker: Fred Rosenberg and Adam Weissleder in-house for Sherwood Equities); and MGB Expense Management’s five-year, 7.9k-SF renewal (tenant broker: Studley’s Jeffrey Peck; landlord brokers: Weissleder and Jill Burrowes).

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Easy Shopping Department Store expanded its NYC presence with the signing of a 10-year, 9.3k-SF lease at 119th & Third, a new luxury residential building in Harlem. Zelnik & Co.’s Cory Zelnik and Adam Langer repped the owner, 119 Third Avenue Associates.

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LeadQual inked a 8.2k-SF lease at 300 Long Beach Blvd. in Stratford, Conn. Jones Lang LaSalle’s George Bagley and Paul Tortora represented the tenant.

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230 Park Avenue saw three deals, which were negotiated by CB Richard Ellis and in-house for owner Monday Properties:

  • Stanley Hand Tools’ five-year, 2.3k-SF lease(tenant broker: CBRE’s Ramsey Feher)
  • Encyclopædia Britannica’s two-year, 1.6k-SF lease (tenant broker: Corporate Real Estate Solutions’ Mitchell Grossman)
  • The City of New York’s 7-year, 4k-SF renewal for the office of New York Court of Appeals Judge Jonathan Lippman

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A Shopping Center at 445 Route 23 in Wantage, NJ saw two deals:Friendly’s long-term, 4.1k-SF lease, and Dollar Sense’s long-term 2.6k-SF lease. The Hampshire Cos. is the owner.

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The Morris County Chamber of Commerce is relocating to 4.5k SF at 325 Columbia Turnpike in Florham Park, NJ. CB Richard Ellis’Tom Mallaney and Lee Barnes represented the tenant, while Brian Decillis represented landlord Mack-Cali in-house.

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Skanska Koch inked a five-year, 4k-SF deal at 55 Washington St. in DUMBO, Brooklyn while it’s contracted to do renovation work on the Brooklyn Bridge. The tenant was represented by Vicus Partners, while Caroline Pardo represented owner Two Trees Management in-house.

Financing

Diamond Properties secured a $35M senior mortgage on The Park, its newly renovated 600k-SF property at 333 North Bedford Rd. in Mt. Kisco, NY. Realty Recapitalization Advisors’ Jim Korinek assisted the firm with the refinancing, and Diamond’s Ron Roth coordinated the sourcing and closing, which was funded by a NY-based regional bank. The owner acquired the asset in ’05 and spent four years redeveloping the site, and has leases pending for 96% occupancy.

Construction & Development

Arizona Beverage Co. cut the ribbon on its brand new $35M, 100k-SF corporate HQ at 60 Crossways Park Dr. in Woodbury, Long Island. The building, which was designed by Angelo Francis Corva & Associates, features state-of-the-art HVAC, energy-efficient windows, and a roof garden, as well as interiors decorated with colors inspired by the company’s packaging. The company added 60 new employees as part of the move from Lake Success, LI to Woodbury.

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B.R. Fries & Associates is converting 19k SF of former Princeton Ski Shop retail space on E. 22nd St. between Broadway and Park Avenue South into flagship medical offices for Emblem Health/Manhattan Physicians Group. The project includes two reception and patient waiting areas, two conference rooms, 21 exam rooms, a lead-lined radiology department, laser room, procedure rooms, and offices. Gensler is the architect for the fast-track project, which is scheduled for completion in 16 weeks.

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John Gallin & Son completed a 12k-SF build-out for IPsoft’s HQ and network operations center at 17 State St. It includes more than 90 workstations, 20 LCD monitors, conference room, pantry, and a 180-degree view of the harbor. The team included architect Roland Gebhardt and engineer Robert Derector Associates.

Exec Moves

Jones Lang LaSalle announced Ann Sperling as COO for the Americas, effective this month. She will succeed Bill Thummel, who has been named COO of JLL’s Corporate Solutions practice. Previously, she was with Catellus Development Group, a wholly owned business of ProLogis, and was at Trammell Crow for 25 years. She is a graduate of Tufts and Harvard.

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Kimco Realty named David Henry as CEO effective December 31, succeeding Milton Cooper, who will continue to serve as executive chairman of the board of directors. David joined Kimco in ’01 after 23 years with GE Real Estate. He graduated from Bucknell and Miami.

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Jerry Suchman, Barbara Eddington, and Adam Reisman joined Winoker Realty. Jerry, a managing director, was previously with Murray Hill Properties and worked for Newmark & Company, Helmsley-Spear, and Sage Group Associates. Barbara, a managing director, also came from MHP, having negotiated more than $250M in sales and 1M SF in leasing. Adam, an associate, was previously with Hercules Realty Group and formerly worked for Atlas Home Equities. He is a graduate of GWU.

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Tishman Construction promoted Charles Appet to director of pre-construction, responsible for overall accountability for all estimates, constructability reviews, value management studies, procurement,LEED certification studies, benchmarking studies, and bids produced by the department for all projects. He was previously director of purchaser & estimating. He graduated from William Paterson.

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Gary Roth joined Whitman as VP of construction, responsible for managing and implementing environmental remediation and construction projects. He was formerly of LJS Construction, which was recently acquired by Whitman. He is a graduate of Hofstra and has more than 16 years of experience in the environmental consulting and remediation industry.

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Fabrizio Uberti Bona joined the newly created TDG/The Real Estate Group NY as managing director. He was previously with The Marketing Directors and Citi Habitats. He is a graduate of Italy’s Hotel and Restaurant Management School, and also served in the Italian Army.

Related Topics: Shopping Center, JLL, Skanska, Cynthia Wasserberger, Caroline Pardo, Goldman Sachs, Monday Properties, Citibank, Capital One, Advance Realty, Karl Brumback, Equity One, Kimco Realty, DRA Advisors, Crown Acquisitions, CWCapital Asset Management , Byrnam Wood, Gordon Ogden, Winoker Realty, State St, Tishman Construction, Big Deals, Bill Shanahan, The Hampshire Cos, The Feil Org, Onyx Equities, Frank Doyle, The Park, Florham Park, Sherwood Equities, David Kleiner, David Lebenstein, Jeffrey Peck, The Marketing Directors, South Brunswick, Paul Smadbeck, Lake Success, Two Trees Management, Brian Banaszynski, Resorts Worldwide, Vicus Partners, John Gallin, Greg Sholom, Jill Burrowes, Adam Weissleder, David Cantor, Scott Belfer, Lou Belfer, David Henry, Harry Stavro, Paul Berkman, Debra Wollens, Samco Properties, Bill Waxman, Adam Rochlin, Edward Kent, US Route, Michael Movshovich, Ramsey Feher, Vincent LaManna, Regis New York, Corporate Solutions, Lee Barnes, Jeffrey Lichtenberg, Milton Cooper, Brian Decillis, Fred Rosenberg, Robert Wood Johnson Foundation, Jeffrey Kilimnick, Robert Ageloff, Paul Tortora, Bernard Weitzman, Tom Mallaney, Graybar Building, Team Resources, Ted Stratigos, Hercules Realty Group, Jerry Suchman, Barbara Eddington, LJS Construction, Jeffrey Wax, Franco Apparel, Cory Zelnik, Ann Sperling, Bill Thummel, Catellus Development Group, Easy Shopping Department Store, Beacon Light Capital, The Rochlin Organization, Jim Korinek, George Bagley, Jericho Plaza, Long Beach Blvd, GE, Starwood Capital Group